Daily Technical Report
August 01, 2012
Exhibit 1: Nifty Daily Chart
Sensex (17236) / NIFTY (5229)
Yesterday, indices opened marginally higher in-line
with mixed global cues and strong buying post the
announcement of the RBI monetary policy led the
markets to close well above 5200 mark. The buying
was seen mainly in Oil & Gas, Realty and IT sectors;
whereas Consumer Durables and Banking counters
remained under pressure. The advance to decline
ratio was in favor of advancing counters (A=1437
Formation
On the weekly chart, we are witnessing a
“Downward Sloping Trend Line” resistance near
17500 / 5325 formed by joining the highs of
21109 / 6339 (November 5, 2010) - 18524 /
5630 (February 24, 2012).
The ’20-day EMA’ and
’200-day SMA’ are
placed at 17042 / 5169 and 16879 / 5100
levels, respectively.
Source: Falcon
We are now observing a positive crossover in
daily ‘RSI - Smoothened’.
Actionable points:
Trading strategy:
View
Bullish Above 5235
After opening marginally higher, Indices tested the '20
Expected Targets
5257 - 5300
EMA' on hourly chart. This level acted as a decent
Support Level
5154 - 5129
support for the markets and indices surged
significantly higher to close near the day's highs.
Along with other momentum oscillators, the daily 'RSI
- Smoothened' oscillator is now signaling a positive
crossover. The impact of this tool would be seen only
if indices sustain above yesterday's high of 17254 /
5235. In such a scenario, considering that the daily
chart price action indicates positive momentum, we
expect the market to rally higher to test 17318 -
17466 / 5257 - 5300 levels. On the downside,
17004 / 5154 level may act as an important support
for the markets.
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Daily Technical Report
August 01, 2012
Bank Nifty Outlook - (10384)
Exhibit 2: Bank Nifty Daily Chart
Yesterday, Bank Nifty opened with an upside gap and
traded with extreme volatility throughout the day. The
momentum oscillators on the daily chart continue to
remain positive. However the index is currently facing
resistance near 61.8% Fibonacci retracement level of
the fall from July 11, 2012 - July 26, 2012. Thus,
going forward we believe that the index is likely to
trade in the range of
10500
-
10150. In the
mentioned range 10405 - 10468 levels are likely to
act as resistance and 10290 - 10235 levels are likely
to act as support in coming trading session.
Actionable points:
View
Neutral
Expected targets
10405 - 10468
Support Level
10290 - 10235
Source: Falcon
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Daily Technical Report
August 01, 2012
Research Team Tel: 022 - 39357800
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Research Team
Shardul Kulkarni
-
Head - Technicals
Sameet Chavan
-
Technical Analyst
Sacchitanand Uttekar
-
Technical Analyst
Mehul Kothari
-
Technical Analyst
Ankur Lakhotia
-
Technical Analyst
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